ThirdLoveFor some women, online shopping does not compare to the real-life experience of visiting a store — mostly because it contains the risk of ordering something that might not fit. In the end, ThirdLove was better equipped to fulfill its long-term commitment to providing better bras to women everywhere, increasing ARPU by 23%, generating a 3% uplift in conversions, and improving Fit Finder quiz completion rate by 75% for some audiences.
In February, the brand announced that it had raised another $55 million in funding, bumping its valuation up to over $750 million Zak said the money will be used to help ThirdLove add even more bra sizes (beyond the 78 that are currently offered) as well as grow into three new areas - retail, international markets, and category expansion into sectors such as swim and athletic wear.
After employing Dynamic Yield's technology, the team at ThirdLove was able to deliver individualized experiences that activated and engaged new visitors at the top of the funnel, refining its efforts through continued testing and optimization to maximize effectiveness.
But in 2013, Heidi Zak along with her husband David Spector (both ex-Google execs) set out on a mission to revolutionize that experience - using technology to improve the product in terms of fit and comfort, as well as how bras are delivered to the customer and how customer loyalty is maintained.
The brand has a test plan” in place to keep track of customer data, by following metrics like whether or not customers in the store had heard of or shopped the brand online, and if they make repeat visits, cart sizes and purchase patterns, the brand's online Fit Finder is available for customers in the store.
ThirdLove announced on Thursday its first experiential retail store concept, which launches on July 24 and will remain open through the end of 2019, according to a company press release The store will be located at 347 West Broadway in New York City.
None of us really agreed with it from the beginning.” Plus, the company had just come out with another campaign celebrating women's individuality with the slogan To each, her own.” It was like ‘what if a woman wants to be in the show or watch it, why are we telling them what to do?'” a source we'll call Kate said.
The timing of ThirdLove's first store may also be opportune as Victoria's Secret continues to struggle with falling sales and persistent criticism that it hasn't kept pace with changing consumer demand, including having more diversity in its products and advertising.
And Chico's Soma intimates brand recently partnered with retail concept b8ta to introduce customers to its "SOMAINNOFIT" bra to help shoppers find the right undergarment fit. While the pop-up is open, ThirdLove, which has raised $69 million in venture funding, plans to capture customer data and use it as a way to learn what customers want from the brand from a physical retail experience.
Heidi Zak has the perfect bras and panties and they're beautifully designed, and far from basic. Zak said that the brand doesn't have any set-in-stone plans for a permanent retail store. For decades, the bra shopping experience for women has remained relatively unchanged - head to a store, try on a few pieces, and eventually settle for the least uncomfortable one.